First Merchants Corp stock: filings, catalysts and timeline
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FundamentalsWhat is this?HideFewer than eight quarters on file
How the business is doing on its own reported US-GAAP numbers — growth, margins, cash generation, balance-sheet strength, capital efficiency and dilution — compared with sector peers.
Source: SEC XBRL financial statements.
ValueWhat is this?HidePre-revenue — no valuation basis
How the shares are priced against sector peers, against the company's own recent history, and against a simple cash-flow estimate, using the filing numbers and the current price. AIR shows this as a band, never as a target price.
Source: SEC XBRL financial statements and end-of-day prices.
News flowWhat is this?HideBalanced
What the company has documented recently: material 8-K events (contracts, deals, results, leadership changes) and FDA approvals, weighted by recency and type. A language model's reading of each 8-K helps classify whether it is positive or negative. Filings, not press or social media.
Source: SEC EDGAR 8-K filings and FDA approvals.
MomentumWhat is this?HideBalanced
The longer-term market read: the trend in end-of-day prices, strength against the market and the sector, and trading volume over roughly the past three to twelve months. It is shown, never used to rank the Shortlist.
Source: End-of-day prices.
SafetyWhat is this?HideVery strong
The risk side: leverage, liquidity, cash runway, dilution, revenue and margin swings, company size and pre-commercial status, negative 8-K events (including legal and regulatory ones), and share-price drawdown and volatility. Higher means fewer of those risk markers.
Source: SEC XBRL financial statements, SEC EDGAR 8-K filings and end-of-day prices.
Fundamental score not available. Banks report under a different financial structure than AIR's fundamental engine reads. AIR still assesses this company on News flow, Momentum and Safety, and the missing score lowers its Evidence strength.
Discovery Gap: Low (9/100) · Gap confidence 50/100
The market has largely caught up to the documented story.
Low is the most common level — the cut-offs are fixed, and levels can shift as scores refresh.
What is this?Hide
How far documented progress (News flow) runs ahead of market attention. Attention is measured from institutional holdings reported to the SEC, trading volume, price behaviour and how richly the shares are valued — not from social media or analyst ratings.
Source: SEC EDGAR filings (8-K and 13F), FDA approvals and end-of-day prices.
How levels work. The levels use fixed cut-offs, but market attention is ranked against the other ~1,800 companies AIR covers that day (valuation against the same sector). Documented progress counts filings from the past 18 months, newer ones weighing more; attention uses the latest quarter of institutional holdings, the last three to six months of trading, and six to twelve months of price behaviour. Many companies show a Low Gap or none at all — a gap needs filings that read more positively than neutral. A level can change from one day to the next as scores refresh and the other companies move.
Gap confidenceWhat is this?HideModerate 50/100How fully AIR could measure this Gap.
How fully AIR could measure both sides of the Discovery Gap: the documented progress (News flow) and market attention (Recognition). It takes the weaker of the two, and reads zero when either side has no measurement. It describes the data, not the company.
Evidence strengthWhat is this?HideModerate 35/100Support behind the full AIR read, not only the Gap.
How much data stands behind the whole AIR read — all five perspectives, not just the Discovery Gap. Each perspective reports how complete its inputs are, and these are combined in the same proportions as the AIR Score; a perspective AIR could not score adds nothing, so missing data lowers this figure. It describes the data, not the company.
This month at a glance
Capital returns
Latest buyback
Buyback approved · Approved a $100 million share buyback.
Filed 24 Jun 2026 · As stated in the filing →
Evidence timeline
- Expected
Thu 25 Feb · expected 10-K
Last year filed 25 Feb 2026.
Mon 3 May · expected 10-Q
Last year filed 1 May 2026.
- Filed
Fri 30 Oct · 10-Q
Wed 21 Oct · 8-K
8-K · Item 2.02 — Results of operations
First Merchants reported Q3 2026 net income of $67.8M ($1.09 EPS), up 11% YoY. Net interest margin improved 6bps to 3.44%, deposit growth was strong at 4.2% annualized, and capital ratios remain robust. CEO transition announced.
Gap Low · 1 → Medium · 10Progress is running ahead of attention.
The price trend strengthened.
Thu 15 Oct · 8-K
Thu 1 Oct · 8-K
8-K · Items 5.02, 8.01 — Director or officer change
Recognition: Balanced 59 → Balanced 62More of the market is starting to notice.
Fri 25 Sep · 8-K
8-K · Items 1.01, 2.03 — Material agreement
First Merchants Corporation issued $100 million of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036. Notes convert to floating rate (SOFR + 202 bps) from October 2031 onward. Redeemable at company option from October 2031, or earlier under specific regulatory/tax events.
Recognition: Balanced 63 → Balanced 59Market attention has faded.
Thu 24 Sep · 8-K
8-K · Items 1.01, 8.01 — Material agreement
First Merchants Corporation priced a $100 million offering of 6.750% Fixed-to-Floating Rate Subordinated Notes due 2036. Notes will convert to floating rate (3M SOFR + 202 bps) after October 1, 2031. Proceeds intended for general corporate purposes including share repurchases. Notes qualify as Tier 2 capital.
Fri 14 Aug · 8-K
Fri 31 Jul · 10-Q
Wed 22 Jul · 8-K
Mon 13 Jul · 8-K
Thu 2 Jul · 8-K
Wed 24 Jun · 8-K
8-K · Item 8.01 — Other events
- Buyback approvedApproved a $100 million share buyback. As stated in the filing →
Wed 20 May · 8-K
Tue 19 May · 8-K
Tue 19 May · 8-K
Fri 1 May · 10-Q
Quarterly report (10-Q), period ending 27 Apr 2026
Wed 22 Apr · 8-K
Thu 16 Apr · 8-K
Wed 25 Feb · 10-K
Annual report (10-K), FY2026
Tue 10 Feb · 8-K
Mon 9 Feb · 8-K
Fri 6 Feb · 8-K
Mon 2 Feb · 8-K
Mon 26 Jan · 8-K
Fri 16 Jan · 8-K
Mon 12 Jan · 8-K
Fri 14 Nov · 8-K
Fri 14 Nov · 8-K
Thu 30 Oct · 10-Q
Quarterly report (10-Q), period ending 27 Oct 2025
Wed 22 Oct · 8-K
Wed 15 Oct · 8-K
Thu 25 Sep · 8-K
Solid dots: a filing AIR classified as material. Grey: routine. Hollow: expected, from last year's dates — not a forecast.
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What would change our view
Research, not tips. No buy/sell recommendations, no price forecasts. Every score is derived from public filings and market data — figures round to whole numbers and refresh each trading day.